Collective Wealth Advisors LLC

Item 5: Fees and Compensation
 Methods of Compensation and Fee Schedule
  ASSETS UNDER MANAGEMENT

                                  Collective Wealth Advisors LLC

CWA’s fee for these services will be based on a percentage of assets under management
and to not exceed a total fee of 1.5%. The fee for the third-party money administrator are
included in the fees which will not exceed 1.5%.
CWA offers direct asset management services to advisory Clients. CWA retains an
independent third-party account administrator Focus Partners Advisor Solutions, LLC
(“FPAS”) that performs certain services such as account administration, portfolio
allocation analysis, back-office fulfillment, report and statement production, and billing
services. FPAS receives certain fees and expenses directly from the SA Funds, as disclosed
in each SA Fund’s prospectus.
The fee paid to CWA will be calculated in advance, each quarter-year, based upon the
assets under management on the ending balance of the last day of the previous quarter
and the fees will be collected from the respective Clients’ accounts. The cost of applicable
Third-Party Money Manager services will be paid by CWA. Fees are negotiable. CWA does
not have the ability to deduct fees from the Client account.
Clients may terminate their account within five (5) business days of signing the
Investment Advisory Agreement with no obligation and without penalty. Clients may
terminate advisory services with thirty (30) days written notice. For accounts opened or
closed mid-billing period, unearned fees will be refunded to the Client, or any unpaid
earned fees will be due to CWA. Interim quarterly billing is performed under the following
circumstances: (i) any new Client account opened during a billing quarter, and (ii) any
contribution or withdrawal of cash/securities from a Client account in an amount in
excess of $10,000. Calculating interim billing fees will be based on the actual number of
days remaining in the quarter calculated from (i) the date of the transaction on the
transaction amount for any existing account or (ii) the date of initial investment on the
initial investment amount any new account. The billing tier applied to such market value
will be based on the highest tier Advisor achieved in the most recent quarter.
Unpaid fees will be calculated by assessing the fee for the number of days services were
provided in the last billing period. This refund will be issued either back into the Client
account or by another method pre-approved by the Client.
FPAS introduces all transactions to its correspondent clearing firms Pershing LLC, Fidelity
Brokerage Services LLC, or Charles Schwab & Company, Inc., , on a fully-disclosed basis.
CWA or Client may incur additional brokerage commissions, ticket charges, or other
similar expenses that are collected by FPAS, or another custodian of record.
When using AQR Capital Management, LLC as a sub-advisor, client will pay the following
fees in addition to fees charged by CWA:
Flex SMAs – 1.5% Target Tracking Error Strategies
                                CWA total AUM in Strategy
                                                                    $500M-       $1000M+
                                    $0-$250M        $250M-500m      $1000M
  Individual        $0-$25M          0.400%           0.375%        0.350%       0.325%
    Client         $25-$50M          0.375%           0.350%        0.325%       0.300%
 Account Size        $50M+           0.350%           0.325%        0.300%       0.275%

                               Collective Wealth Advisors LLC

Flex SMAs – 4% Target Tracking Error Strategies
                               CWA total AUM in Strategy
                                                                    $500M-     $1000M+
                                  $0-$250M         $250M-500m       $1000M
  Individual        $0-$25M         1.00%            0.975%         0.950%      0.925%
    Client         $25-$50M        0.975%            0.950%         0.925%      0.900%
 Account Size        $50M+         0.950%            0.925%         0.900%      0.875%

Flex SMAs – 6% Target Tracking Error Strategies
                               CWA total AUM in Strategy
                                                                    $500M-     $1000M+
                                  $0-$250M         $250M-500m       $1000M
  Individual        $0-$25M        1.500%            1.475%         1.450%      1.425%
    Client         $25-$50M        1.475%            1.450%         1.425%      1.400%
 Account Size        $50M+         1.450%            1.425%         1.400%      1.375%

Flex SMAs – 8% Target Tracking Error Strategies
                               CWA total AUM in Strategy
                                                                    $500M-
                                  $0-$250M         $250M-500m                  $1000M+
                                                                    $1000M
    Individual
  Client Account    $0-$25M         2.00%             1.975%        1.950%      1.925%
       Size

When using Parametric Associates LLC as a sub-advisor, client will pay an additional
annual fee of 0.18% in addition to the fees charged by CWA. Accounts using benchmarks
and/or screens will have additional fees between 0.0375% and 0.10% annually
depending on the benchmark.

When using SpiderRock Advisors, LLC as a sub-advisor, client will pay SpiderRock fees as
follows:
                  Proprietary Model                     Annualized Sub-advisory Fee
      Hedged Equity Concentrated Stock (SRHEC)                     .50%
               Hedged Equity Portfolio                             .50%
               Managed Index Income                                .60%
                  Cash Secured Put                                 .50%
             Exchange Fund Replication                             .85%
...

Item 7: Types of Clients
 Description
  CWA generally provides investment advice to individuals and high net-worth individuals,
  charitable organizations and businesses. Client relationships vary in scope and length of
  service.
 Account Minimums
  CWA does not require a minimum to open an account.